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US gross domestic product (GDP) increased at an annual rate of 1.2 per cent in the first quarter of 2017, according to the "second" estimate released by the Commerce Department's Bureau of Economic Analysis (BEA).
The second estimate is based on more complete source data than was available for the "advance" estimate issued last month, which predicted GDP growth of 0.7 per cent in the first quarter of 2017.
"With this second estimate for the first quarter, the general picture of economic growth remains the same; increases in nonresidential fixed investment and in personal consumption expenditures were larger and the decrease in state and local government spending was smaller than previously estimated," BEA said. "These revisions were partly offset by a larger decrease in private inventory investment."
Last year, US GDP grew at a revised 2.1 per cent rate in the fourth quarter, 3.5 per cent in the third quarter, 1.4 per cent in the second quarter, and 0.8 per cent in the first quarter.
In other news, the Commerce's Census Bureau reported that new orders for manufactured durable goods in April decreased US$1.6 billion, or 0.7 per cent, to $231.2 billion. The decrease came after four consecutive monthly increases, reports American Shipper.
The second estimate is based on more complete source data than was available for the "advance" estimate issued last month, which predicted GDP growth of 0.7 per cent in the first quarter of 2017.
"With this second estimate for the first quarter, the general picture of economic growth remains the same; increases in nonresidential fixed investment and in personal consumption expenditures were larger and the decrease in state and local government spending was smaller than previously estimated," BEA said. "These revisions were partly offset by a larger decrease in private inventory investment."
Last year, US GDP grew at a revised 2.1 per cent rate in the fourth quarter, 3.5 per cent in the third quarter, 1.4 per cent in the second quarter, and 0.8 per cent in the first quarter.
In other news, the Commerce's Census Bureau reported that new orders for manufactured durable goods in April decreased US$1.6 billion, or 0.7 per cent, to $231.2 billion. The decrease came after four consecutive monthly increases, reports American Shipper.
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